Janet Yellen blames Americans’ ‘splurging’ for record-high inflation

Janet Yellen, Treasury Secretary, blamed consumers’ spending habits for Wednesday’s inflation spike that was close to 40 years.

The official Biden appeared on “The Late Show with Stephen Colbert” where she was asked about price rises that have plagued the U.S. over the past year.

Colbert asked her to explain how inflation became so out of control when “two years back everything seemed fine”. The late-night host is well-known for his sycophantic praise of President Biden and Democrats. He even pointed out that the Biden administration dismissed inflation last year as a “small threat.”

Yellen argued that the administration handled the COVID-19 pandemic well, so consumers were able to “splurge.”

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She said that “So we had an immediate recovery from the pandemic,” and that Biden’s policies helped bring down unemployment from 7% to 3.7%.

“It turned out that the pandemic had very particular impacts on the economy. She pointed out that everyone stopped spending on services as businesses closed down. People spent more money on “grills”, “technology”, and office equipment when they worked from home.

She claimed that after being in their homes for at least a year, they wanted to purchase office furniture and grills, as they were working from home. However, when they started spending on technology and goods, it led to supply chain “bottlenecks.”

Later, Yellen blamed Russia for the rise in gas and food prices.

During the remarks, Biden did not mention multitrillion-dollar spending bill that were passed during his administration. She is not the only White House official to blame inflation for Americans’ reckless spending or who dismisses economic concerns.

Ron Klain, White House chief of staff, was ridiculed for suggesting that rising costs and supply chain problems were a problem of “high class” last year.

Jennifer Granholm, Energy Secretary, was also criticised for laughing at rising gasoline prices and offering tax credits to Americans for installing solar panels in their homes.

MSNBC’s Stephanie Ruhle, a liberal journalist, has also claimed that consumers can afford to spend more on groceries and utilities.

The Consumer Price Index rose 0.4% in October compared to September.

Biden said last month that despite prices being at their 40-year peak, the economy is “strong as hell.”